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Challenger Energy Group to slash debt and recharge the company ready for a productive 2022

Challenger Energy Group PLC (AIM:CEG) (Challenger Energy Group PLC (AIM:CEG)) Eytan Uliel, Chief Executive Officer, joins Proactive London to talk about its complete balance sheet restructuring that it estimates will reduce its debts by around 85% by the end of the first quarter next year.

Its previously reported aggregate balance sheet payables, debts and potential liability exposure of US$22mln are expected to be reduced to around US$2.5mln following settlements with creditors and payment deferrals.

The cost-cutting programme has shrunk overheads by around 70% and added that it is evaluating options to secure additional funding.

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2021-12-14 00:58:00

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